Resolve from now to set a little time aside to plan ahead for a more comfortable future. Each of the following small tasks should just take a few minutes over the following months. We guarantee you’ll be pleased you did this regularly when you reach retirement!  

1       Register for your own myFund online account on our website 

Set up your own online pension account in 2022 and you can truly make this the year you take charge of your future and manage your pension.

 It couldn’t be easier. If you’re not registered already, just go to the top right hand corner of the home page on this website and click on register.  Follow the simple, on-screen instructions and once you’re signed in, you’ll be able to manage your pension and plan your future at any time to suit you, using the range of online tools available. You can see how to use many of these below.

2       Check how much you’re likely to get in retirement with pension estimates 

A great way to keep tabs on your savings is to request free online estimates to see how much you’re likely to get on retirement. You can request as many as you like, any time.  

 If you’re signed in to your myFund account, you’ll see an option to ‘Request an estimate of Retirement Benefits’ under the ‘My Pension’ section of your home page. Click here and follow the on-screen instructions.

3       Work out your retirement lifestyle costs

 This year, why not think ahead to the kind of life you would like in retirement? Knowing what this might cost, will help you to know if you’re saving enough for the future.

 If you’ve requested an estimate, you should already have an idea of what your annual pension is likely to be. By using our Retirement Budgeting Calculator, you’ll see if your expected pension income matches your lifestyle costs. If not, you may want to make some adjustments.

 Find the Retirement Budgeting Calculator in the ‘Resources’ section of this website.

 4       Check your State Pension

New Year is a good time to find out whether you’ll be eligible for the State Pension and what you’re entitled to, so you can plan for the future.  You can check your entitlement at gov.uk/check-state-pension.

5        Boost your pension benefits

If you’ve discovered that your likely pension income isn’t going to be quite enough to fund the lifestyle you’d like in retirement, then you might want to consider Additional Voluntary Contributions (AVCs), known as BRASS* in the BTPFSF. These are extra savings that you make into your pension.

• You don’t need to save a set amount every month.
• It’s a great way to save if you get overtime or bonus that doesn’t usually qualify for your pension
• You get tax relief.
• BRASS is invested in a range of funds aimed at building up extra pension savings over time.

  *If you pay the maximum BRASS amount and wish to pay more, you can pay AVC extra contributions. 

See our Guides to BRASS and AVC extra in the Read as you Need Guides  on this website.

 6       Trace old pensions

Over the years, if you’ve worked for several employers during your working life, you may have lost track of the different pensions you’ve paid into. The Department for Work and Pensions (DWP) say there will be around 50 million lost pensions by 2050. That’s a lot of unclaimed money! The Pension Tracing Service is free and can help you find a pension you’ve lost. Go to gov.uk/find-pension-contact-details and follow the online steps.

 7       Make or update your nominations

Making a nomination online should just take 2 minutes but it could make a big difference to your loved ones if you die before taking your pension.

 To ensure your pension savings end up in the right hands, and avoid being taxed, you need to let us know, where or who you wish the money to go to, by completing a ‘nomination’. It’s also important to keep your nominations up to date if your circumstances change.  

 If you’re signed in to your online pension account you’ll find the nominations page in the ‘My Pension’ section.

8       Wise up on scams

Pension scams are increasing every year. Scammers are often persuasive and financially knowledgeable, so no matter how savvy you are about money, you must be on your guard.

• Always reject unexpected approaches about pensions.
• Be very wary if you are offered a free pension review.
• Never allow yourself to be rushed into a decision.
• Make sure anyone offering you financial advice is FCA registered, or is exactly who they say they are. Check them out at fca.org.uk.

 For more information, visit fca.org.uk/scamsmart. See also ‘Safety and scams’ in the Resources section of our website.